Will you be scammed if you sell your old gold to a CashforGold company
December 23rd, 2009 by admin
Because of the latest state of the North American economy and the continuous increasing upward rise in precious metal prices , it is necessary that people are rooting out their old gold and platinum jewelry and are getting rid of them to cash 4 gold companies as a way to make some additional cash to pay down their extra debts as a way to make their next mortgage payment.Maybe you are in the same situation you will be wise to cautiously do your investigative work before giving away your precious metals to just any gold buyers in that there are an ever increasing number of unethical players in the gold buying business who will happily take advantage of your desperate situation and give almost nothing for your precious metal.Even though this behavior is not fraudulent by definition, it is in any case, very wrong and I feel it necessary to make it known to those of you who may be thinking of exchanging your defective gold, silver or platinum jewelry to be sure to refrain from dealing with companies that are posing as gold brokers and to conduct business only with precious metal refineries or cash for gold companies that utilize their own personal precious metal refineriesThe truth is, cash for gold buyers are simply acting as a go-between, between you and a precious metal refinery and therefore they will give you about one third of the value for your fine jewelry and easily unload it back to a gold buyer themselves thereby obtaining the lions share while you keep a few lousy dollars.Recently, Fox news implemented a kind of undercover sting, where they brought in 3 exact pieces of gold to 3 different precious metal buyers and waited for the payment and while 3 of the businesses did in fact give them a payment for the old jewelry, only 1 of those cash 4 gold companies actually submitted the current market value while the other two companies payed out one third of today’s current market value.The 2 gold buyers that that payed out 1/3 of the market value were acting as a go-between while the third cash 4 gold business that payed the most value did own their own gold refinery, so it is customer beware in this business and I absolutely suggest that you do your homework before selling your unneeded precious jewelry so that you will not fall for the cash 4 gold scam
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